This site is dedicated to helping you understand the most recent economic stimulus plan and how it could impact your business and your employees.
Do you have questions about President Obama’s economic stimulus plan? The American Recovery and Reinvestment Act of 2009 is a broad piece of legislation which impacts individuals, businesses and government agencies. For more information, go to whitehouse.gov and search for American Recovery and Reinvestment Act of 2009.
COBRA Update - 12/24/09
- On December 19, 2009, the Department of Defense Appropriations Act of 2010 (HR 3326) was signed into law by President Obama. As a result of the enactment of this legislation, the Consolidated Omnibus Budget and Reconciliation Act (COBRA) premium subsidy provided under the American Recovery and Reinvestment Act of 2009 (ARRA) has been extended. HR 3326 extends the duration of the subsidy from nine months to 15 months and extends the deadline for eligibility from December 31, 2009 to February 28, 2010.
In response to this legislation, BeyondPay is working to accommodate these changes. As we take action to make our client’s HR experience better, we will continue to notify clients accordingly.
For more information on the COBRA ARRA premium subsidy provisions, please see Tech Flex.
- In response to a large number of questions received regarding eligibility for the COBRA premium reduction under current law, The Employee Benefits Security Administration updated the COBRA page, www.dol.gov/COBRA , to add new FAQs at http://www.dol.gov/ebsa/faqs/faq-cobra-arra.html . Visitors are encouraged to subscribe to the COBRA page for updates.
- The stimulus plan includes changes to the way COBRA assistance is provided to employees. Click here to learn more on COBRA changes.
Tax Credit Incentive Update - 3/5/09
- The stimulus plan includes a variety of changes and additions to tax credit/incentive programs, such as the Work Opportunity Tax Credit program. Click here to learn more.
Making Work Pay Tax Credit Update - 3/4/09
- The Making Work Pay provision of the stimulus plan gives workers a rebate/credit for the 2009 and 2010 tax years. Click here to learn more about the Making Work Pay tax credit.
Expanded Earned Income Tax Credit (EITC) Update - 3/3/09
- There is a temporary increase in the Earned Income Tax Credit. Click here to learn more about the expanded Income Tax Credit.
Commuter Benefit Update - 2/25/09
The IRS has increased the limit for pre-tax contributions and benefit limits under the Commuter Benefits Transit Accounts. The new limit will take effect March 1, 2009. Click here to learn more on Commuter Benefits Transit Account changes.
BeyondPay will continue to monitor legislative guidance regarding the American Recovery and Reinvestment Act as it becomes available.
The Rules Are Constantly Changing
The legislative landscape surrounding HR, payroll, taxes and employee benefits is evolving at a rapid pace. You could spend the next several years trying to develop the in-house expertise to catch up with these compliance challenges, or you could partner with an organization today that already has the knowledge and experience necessary to navigate these complex issues.